Malaysia Shares May Bounce Higher Again On Friday

RTTNews | 59 days ago
Malaysia Shares May Bounce Higher Again On Friday

(RTTNews) - The Malaysia stock market on Thursday snapped the three-day winning streak in which it had risen more than 40 points or 2.7 percent. The Kuala Lumpur Composite Index now sits just above the 1,570-point plateau although it may see renewed support on Friday.

The global forecast for the Asian markets is upbeat on easing inflation and tariff concerns. The European markets were up and the U.S. bourses were mostly higher and the Asian markets figure to follow that lead.

The KLCI finished modestly lower on Thursday following losses from the telecoms and financials, while the plantations and industrials were mixed.

For the day, the index shed 10.49 points or 0.66 percent to finish at 1,573.02 after trading between 1,572.27 and 1,586.85.

Among the actives, 99 Speed Mart Retail surrendered 1.79 percent. while Axiata rallied 1.84 percent, Celcomdigi slipped 0.50 percent, CIMB Group slumped 1.10 percent, Gamuda cratered 2.12 percent, IHH Healthcare contracted 0.42 percent, IOI Corporation climbed 1.35 percent, Kuala Lumpur Kepong jumped 1.97 percent, Maxis eased 0.26 percent, Maybank dropped 0.98 percent, MISC advanced 0.92 percent, MRDIY added 0.61 percent, Nestle Malaysia sank 0.94 percent, Petronas Chemicals spiked 2.11 percent, Petronas Dagangan plummeted 2.73 percent, PPB Group was down 0.32 percent, Press Metal plunged 2.50 percent, Public Bank dipped 0.44 percent, QL Resources fell 0.63 percent, RHB Bank retreated 1.33 percent, Sime Darby stumbled 1.39 percent, SD Guthrie skidded 1.07 percent, Sunway crashed 2.42 percent, Telekom Malaysia declined 1.14 percent, Tenaga Nasional lost 0.70 percent, YTL Corporation shed 0.90 percent, YTL Power slid 0.53 percent and Petronas Gas was unchanged.

The lead from Wall Street is mostly positive as the major averages opened in the red on Thursday but rallied to finish mixed.

The Dow jumped 271.69 points or 0.65 percent to finish at 42,322.75, while the NASDAQ dipped 34.49 points or 0.18 percent to close at 19,112.32 and the S&P 500 added 24.35 points or 0.41 percent to end at 5,916.93.

The choppy trading on day came as traders digested an avalanche of U.S. economic data, including a Labor Department report showing producer prices unexpectedly decreased in the month of April.

Another report from the Commerce Department showed a slight increase by U.S. retail sales in April. Meanwhile, the Federal Reserve said industrial production in the U.S. was unchanged in the month of April.

Crude oil futures showed a substantial move to the downside on Thursday on reports the U.S. is very close to reaching a nuclear deal with Iran. Crude for June delivery plunged $1.53 or 2.4 percent to $61.62 a barrel.

Closer to home, Malaysia will see Q1 numbers for GDP and current account later today. GDP is expected to expand 4.5 percent on year after rising 5.0 percent in the previous three months. The current account showed a surplus of NYR11.40 billion in the three months prior.

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